Obliged parties must identify and verify the beneficial owner as part of customer due diligence; tax regulations also require companies to report their beneficial owners. Complex ownership structures and nominee shareholdings are the most common risk areas.
Source: Suç Gelirlerinin Aklanmasının ve Terörün Finansmanının Önlenmesine Dair Tedbirler Hakkında Yönetmelik, VUK Genel Tebliğleri
Related terms
Know your customer (KYC)The processes by which obliged parties identify and verify their customers, determine the beneficial owner and understand the purpose of the business relationship.MASAKThe Financial Crimes Investigation Board, affiliated to the Ministry of Treasury and Finance, which develops policy and supervises obliged parties in combating money laundering and terrorist financing.Money launderingIntroducing proceeds of crime into the financial system and concealing their source so that they appear to come from legitimate sources.Application controlsAutomated or IT-dependent manual controls embedded in a software application that ensure transactions are processed completely, accurately and with authorisation.Compliance auditAn examination of whether an organisation's activities are carried out in accordance with the relevant laws, regulations, contracts or internal rules.Compliance officerThe authorised person responsible for running the compliance programme for the prevention of money laundering and terrorist financing at an obliged entity.
Last updated: October 31, 2026 · This definition is for general information only.